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Dynatronics Announces Fiscal Year 2008 Operating Results
Date:9/29/2008

's net loss totaled $8,443,771 ($.62 per share), compared to a net loss of $85,042 ($.01 per share) in fiscal year 2007.

Included in the loss for the quarter and year ended June 30, 2008, is a charge of approximately $6.6 million related to the impairment of the company's goodwill assets. Applicable accounting standards require the company to impair its goodwill when the book value of the company's assets exceeds the market value of the company. The lower price of the company's stock on June 30, 2008 was the primary factor in triggering the impairment as the company's market capitalization dropped below its book value. Most of that goodwill was associated with the acquisitions in 2007 and 2008, as well as the 1996 acquisition of the company's Tennessee operations. This write-off is a non-cash adjustment.

Also included in the loss for fiscal year 2008 was more than $2 million in mostly acquisition related expenses related to the assimilation of the acquired dealers, including the expense of depleting acquired dealer inventories of Dynatronics products carried at wholesale cost rather than Dynatronics' manufactured cost base, reducing personnel and the associated severance costs, stock option expense, and duplicate SG&A overhead costs. In addition, the company recorded $768,000 of bad debt and inventory reserves during the year.

Excluding the $6.6 million goodwill impairment, the $2 million in mostly acquisition related expenses related to the assimilation of the acquired dealers and the $768,000 non-cash adjustments to bad debt and inventory reserves, the company showed an operating loss of approximately $500,000. We believe additional expense reductions subsequent to the fiscal year estimated to be over $250,000 annually should further improve operating results going forward.

Outlook for Fiscal Year 2009. "With the costs of assimilation now behind us and the impairment and other adjustments required by accounting rules booked, we believe
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SOURCE Dynatronics Corporation
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